Telecoms firm BCE to shift pension fund longevity risk to Sun Life

TORONTO, March 3 (Reuters) - Telecommunications provider BCE Inc has reached a deal to transfer the longevity risk for C$5 billion ($4.01 billion) of pension plan liabilities to insurer Sun Life Financial Inc, the companies said on Tuesday.

Under the longevity insurance deal, the Bell Canada Pension Plan will pay monthly premiums to Sun Life. In exchange, Sun Life will make monthly pension payments into the plan for the lifetime of existing pensioners. ($1 = 1.2479 Canadian dollars) (Reporting by Jeffrey Hodgson; Editing by Jeffrey Benkoe)